Manager, Strategic Sourcing

Job Description Summary

Under limited supervision, uses knowledge and skills obtained through education and experience to oversee procurement strategies/tactics and correspondingly negotiate and redline contracts for a focused area of products and services. Ensures business requirements are fulfilled; risks are mitigated, and value is optimized across business units. Maintains responsibility for the overall development and implementation of sourcing strategies, supply market intelligence, and new or renewed contracts for their area of responsibility. Resolves escalated issues and problems. Mentors subordinates in performing difficult assignments that are broad in nature requiring originality and ingenuity with appreciable latitude for un-reviewed actions or decisions.

Job Description

Job Summary:

Under limited supervision, uses knowledge and skills obtained through education and experience to oversee procurement strategies/tactics and correspondingly negotiate and redline contracts for a focused area of products and services. Ensures business requirements are fulfilled; risks are mitigated, and value is optimized across business units. Maintains responsibility for the overall development and implementation of sourcing strategies, supply market intelligence, and new or renewed contracts for their area of responsibility. Resolves escalated issues and problems. Mentors subordinates in performing difficult assignments that are broad in nature requiring originality and ingenuity with appreciable latitude for un-reviewed actions or decisions. 

Responsibilities:

• Coordinates procurement (i.e., sourcing and contracting) of one or more specialized category or service areas (Subscription-Based Agreements and Market Data are preferred).

• Develops and leads cross functional teams through category strategy development, supplier sourcing, contract/ negotiating strategy development and supplier negotiation processes.

• Participates in joint meetings with internal business clients to assist in procurement forecasting, demand management, requirements development and identification of possible purchasing channels and sources.

• Assists internal business clients with developing and reviewing contracts, statements of work, service level agreements, and specific contractual terms and conditions.

• Maintains appropriate technical and industry knowledge for the category(s) under management.

• Identifies, prequalifies, and recommends potential alternative sources of supply.

• Seeks opportunities to identify and manage off-contract spend and rationalize suppliers for greater leverage.

• Develops and manages the execution of initiatives, including data gathering and analysis, business requirement development, supplier qualification, preparation of Requests for Information (RFI), Requests for Proposal (RFP), Request for Quotation (RFQ), evaluation of responses, developing negotiation  strategies, participating in or leading supplier negotiations, reviewing, redlining and managing contracts, and preparing  recommendations to internal business clients.

• Builds and maintains profiles of supply market and key current and potential suppliers.

• Performs detailed analysis of agreements in support the company’s business operations. Evaluates supplier proposal pricing and develops flexible contractual pricing models, accounting for inflation, currency, scope changes, and other areas of risk mitigation and cost control.

• Drafts contracts and recommends contract terms which minimize risk and maximize profitability for the firm. Ensures all contract terms and conditions meet company standards and financial industry regulations.

• Documents results of negotiations and maintains all historical information and finalized (signed) copies of contracts. Prepares approval memorandum for and executes approval from with appropriate parties.

• Captures and applies lessons learned and best practices; acts as a point person in resolving supplier quality and service level issues.

• Maintains awareness of changes and advancements in sourcing, contract management, finance, negotiating skills and law to implement improved methods and techniques as appropriate for their area of responsibility.

• Makes decisions regarding evaluation, selection, development, and retention of the suppliers providing goods and services needed to conduct business.

• Reviews strategies and decisions on a regular basis with the Director of Procurement and others in senior management.

• Performs other duties and responsibilities as assigned.

Knowledge of:

• Strategic sourcing and contracting concepts, principles, processes, policies, governance, negotiations, and compliance mechanisms.

• Category(s) to be managed and corresponding marketplace(s).

• Key terms